Revamped Funan Mall leverages tech to refine shopper experience
By 9am on June 28, a snaking queue had formed around the main entrance of Funan mall. While the doors officially opened to the public only at 11.30am, eager shoppers were peeking through the mall’s glass door, hoping to catch a glimpse of what awaits. Their anticipation was well-warranted.
After closing for three years for a $560 million redevelopment, the mall has reopened as a “social retail space for discovery, learning and shopping”, said Chris Chong, managing director of retail at CapitaLand Singapore, in a press release on June 28.
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Qingjian Realty launches second phase of JadeScape
Qingjian Realty (South Pacific) Group, the developer of the 1,206-unit JadeScape on Shunfu Road, has launched the second phase of sales in the project.
The developer closed its 22,000 sq ft, double-storey sales gallery – considered the largest in Singapore – at the end of May for renovation. It reopened the sales gallery on July 4. “The JadeScape Sales Gallery was renovated for homebuyers and agents [to] better experience the potential use of space in the different unit configurations,” said Yen Chong, deputy general manager of Qingjian Realty.
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Industrial building in Tai Seng for sale at $23 mil
A six-storey industrial building at 17 Tai Seng Drive, also known as Yew Lee Building, is on the market for $23 million, announced the sole marketing agent Cushman & Wakefield.
The property is a purpose-built, single-user, detached industrial building. It has a gross floor area of about 70,011.6 sq ft, and sits on a JTC-owned plot of 34,109.7 sq ft. The land has a leasehold tenure of 30+30 years from Feb 1, 1993, and has 34 years left on its lease. The site is zoned for Business 2 use with a plot ratio of 2.5 under the 2019 Draft Master Plan.
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Freehold properties in Balestier and East Coast for sale
Two freehold properties have been put up for sale by public tender. The first is a single-storey property at East Coast Road which has a guide price of $20 million (or $8,726 psf on the floor area), and the other is a four-storey, mixed-use building at Balestier Road, which has a guide price of $26.8 million ($1,568 psf on the floor area).
Mega unit at Ritz Carlton Residences going for $22 mil
A 5,662 sq ft, single-floor mega unit on the 15th floor of Ritz Carlton Residences in Cairnhill is for sale at $22 million ($3,955 psf). This unit used to be two separate three-bedroom units; however, KOP Ltd, the developer, decided to rebuild it into a larger single unit.
“We did this because we feel that there is a demand for big units,” says Leny Suparman, CEO and executive director of property and hospitality group KOP. “A lot of penthouses are typically over two to three floors, but this is for those who are looking for a single-floor spacious home.”
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CapitaLand completes $11 billion acquisition of Ascendas-Singbridge
CapitaLand announced on June 30, the completion of its acquisition of all the shares in Ascendas Pte Ltd and Singbridge Pte Ltd from Temasek Holdings. The acquisition, valued at $11 billion, was first announced on January 14, 2019. It will create one of Asia’s largest diversified real estate groups with over $123 billion in assets under management.
The transaction is said to have received “overwhelming approval” from CapitaLand’s independent shareholders at an extraordinary general meeting held on April 12.
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Alexandra Technopark secures Google as major tenant
A trustee of Frasers Commercial Trust (FCOT) has entered into a lease agreement with Google Asia-Pacific for the latter to lease space at Alexandra Technopark.
Google will take up around 344,100 sq ft of space or around 33.3% of the current total net lettable area of the property.
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